Marketing describes the act by which an organization undertakes in order to engage its target market, develop meaningful relationships with them to generate value in return and establish customer loyalty to develop sales. It is also known as the use of technology in connection with business to facilitate the exchange of information, goods and services between markets. In marketing, the concepts and elements of the business environment are taken into account. In marketing, strategies for promoting the organization and reaching out to its customer base are formulated, and knowledge about potential customers is created.
The term marketing management in this context refers not only to strategic and tactical measures used for promoting the interests of the organization as a whole but also to elements such as planning, organizing, creating awareness, influencing behavior, developing marketing concepts, implementing marketing strategies and using social marketing concepts. Marketing is one of the most important factors behind success in any type of industry. It is the driving force behind most of the developments in the economy. Hence, proper marketing management is of utmost importance.
A great marketing concept is the marketing myopia. This concept refers to the narrow focus on a single product or service. Sometimes, marketers tend to focus only on the marketing aspects without paying adequate attention to other important aspects as well. Thus, marketers often fail to realize the importance of comprehensive marketing programs that would address the needs of the buyers apart from merely focusing on the selling aspect of a product or service.
Another aspect of marketing management is the marketing orientation. This concept is actually the opposite of the marketing concept. Marketing orientations generally involve extensive market research and are aimed at obtaining information about the demand and supply of a certain product or service. Marketing orientations are used to obtain information about consumer behavior and buying preferences so that marketers can formulate marketing strategies accordingly. Marketing myopia refers to excessive focus on marketing aspects and ignoring or minimizing the other essential aspects of the market study.
The final marketing concept to be discussed is the marketing research. The marketing research seeks to understand and discover the various needs, wants, desires, and opportunities of consumers. It is through this research that marketers learn what kinds of products or services would be profitable for a particular market segment and which ones may not be a good fit. A good marketing research also helps in identifying the appropriate marketing approach. Marketers also conduct market research to determine the price range of particular goods or services so that they can come up with an appropriate selling price.
Overall, marketing is a complex field. Although marketers try their best to master all the facets involved in marketing, there are still numerous factors that affect marketing. One way of ensuring that the effectiveness of marketing efforts is enhanced is through the use of effective marketing techniques. One such technique is the incorporation of social media marketing.